VANCOUVER, B.C. – May 4, 2015 – Strong home buyer demand coupled with below average home listing activity has created seller's market conditions within the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the Multiple Listing Service® (MLS®) in April 2015. This represents a 37 per cent increase compared to the 3,050 sales recorded in April 2014, and a 2.9 per cent increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3 per cent above the 10-year sales average for the month.

“The supply of homes for sale today in the region is not meeting the demand we're seeing from home buyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9 per cent decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8 per cent decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5 per cent increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9 per cent from the 1,336 detached sales recorded in April 2014, and a 70.6 per cent increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5 per cent from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7 per cent compared to the 1,172 sales in April 2014, and an increase of 50.1 per cent compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4 per cent from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8 per cent compared to the 542 sales in April 2014, and a 53.6 per cent increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7 per cent between April 2014 and 2015 to $493,300.

The Bowen Island Arts Council (BIAC) is thrilled to announce that Macdonald Realty will be publishing a custom 2015 calendar featuring the work of resident artists. The 70-year-old real estate firm prints 10,000 calendars each year, working with arts organizations to help coordinate the project. Local Macdonald Realty realtor Barry Thomas pitched the idea to the company last year, and subsequently connected the firm to BIAC. Rosey Hudson, Creative and Brand Marketing Manager for Macdonald Realty formally offered the opportunity to the arts organization this month. In response, Gallery Curator Janet Esseiva said: “The Visual Arts Committee of BIAC, on behalf of local artists, thanks Macdonald Realty for this great opportunity. We know that the 2015 calendar will be very special, featuring what will no doubt be stunning work by Bowen artists.” BIAC will receive 200 copies of the calendar for fundraising sales.

Artists whose work is selected will be asked to agree to one-time use of their work, retaining all rights. Their bios and contact info will be included in the calendar and they will receive 10 complimentary calendars.

BIAC members are encouraged to submit their work for consideration by emailing a digital photo to calendar@macrealty.com (max 6MB per email). All mediums will be accepted and artists can submit more than one piece. Preference will be given to horizontal pieces that showcase the beauty of British Columbia (urban, rural and island life, ocean and mountain scenes, and of course home portraits and other subjects which would be a natural fit for a real estate company’s calendar). Experience shows that still life, portraits and flowers are generally not chosen by the selection committee. The submission deadline is March 31, 2014. Submissions must include the artist’s name, the title of piece, the dimensions of piece, and the medium.

The British Columbia Real Estate Association's Chief Economist, forecasts the average five-year fixed rate in 2014 to be 5.5% with the one-year mortgage rate at 3.4% as a result of the Canadian economy accelerating and related bond market activity. The Canadian five-year bond yield climbed to 2.3% in September representing a two-year high. As this bond yield is a key benchmark for five-year fixed mortgage rates the upward trajectory of mortgage rates in 2014 will be lead by the acceleration of the Canadian & US economy and bond price tightening.

November 2013 Market Update

October was a good month. The sun was shining, the Canucks had their best 7-game road trip in franchise history, and the housing market was strong. So far this fall, it seems as though house prices and sales have moved into a healthy balanced market in most parts of the province. Well-priced product sells while overpriced product sits. It's the way a market should be.

Moving into November, a few things from the past month have been interesting vis-Ã -vis the BC housing market. Firstly, the US government shutdown and debt ceiling crisis had a negligible effect on both the BC housing market and financial markets in general. It seems as though most people have already priced US government dysfunction into their decision-making process. So, barring a black-swan event, it seems as though these US crises' are unlikely to significantly swing the housing market in BC one way or another.

Secondly, the Bank of Canada has eased its language on raising rates and is now taking a more neutral stance, stating that the market will decide when the bank should raise interest rates. For the past year or so, most analysts had predicted that rates would be rising sooner rather than later. This sentiment has resulted in increased sales as buyers moved into the market ahead of an expected rate increase. With rates now stable, buyers will take their time, but will also still be in the market for a longer period.

Thirdly, while the US economy has had an anemic recovery from the 2008 recession, things are still improving. This is being led by the US real estate market, which is finally recovering from its 35-month peak-to-trough period which started in 2006. With an improving economy, comes improved consumer confidence, as Canadians hear more and more about positive trends south of the border.

While we likely won't see the exponential growth in prices that we experienced from 2009-2010, the factors described above imply that BC's real estate market should remain relatively stable for the foreseeable future.

Finally, on another note, Macdonald Realty has been producing a great quarterly magazine showcasing BC's finest real estate. If you're interested in having your home profiled in this publication, please contact me at the address below. You can find a link to the first 3 digital editions of the magazine here:http://www.macrealty.com/luxurymagazine

*This communication is not intended to cause or induce breach of an existing agency agreement.

*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.**Should you not wish to receive this communication, please reply to this email with "Please Unsubscribe" in the subject line.

My name is Barry Thomas. I am a Bowen Island resident and specialist in Bowen Island Real Estate.

On this blog, I will post community happening, and events, as well as real estate market analysis, and upcoming listings and real estate opportunities.

Living Bowen is more than a lifestyle. It is a peaceful Island community surrounded by spectacular nature, that I am happy to call home.

Leveraging my 20+ years of professional business experience; specializing in sales, strategic account management and contract negotiation; I am focused on assisting you with your real estate requirements. I am committed to understanding your needs and achieving your objectives.

Please contact me today to arrange a consultation for the sale or purchase of your home.